NEW OFFICES, MOVES
Sperry Van Ness has opened an office in the Denver Tech Center. It will be staffed by Dean Corey (right), senior advisor/owner, Suni Devitt and Troy Meyer, who moves over from Coldwell Banker.
Pacific Security Capital, which provides loans, structured finance and advisory services, is doubling the size of its corporate headquarters as it relocates from Beaverton, Ore. to Newport Beach, Calif. “In an industry where 20 percent sequential year-over-year growth is considered exceptional, we experienced more than 100 percent growth in origination volume between 2003 and 2004,” says Mike Myatt, the company's executive managing director.
Blackstone Real Estate Advisors in partnership with Polaris Capital Management sold four malls in February. Mills Corp. purchased two Midwest malls — one in Minnesota and the other in Wisconsin — for $452 million. The 1.3-million-square-foot Southdale Center in Minneapolis and the 1.2-million-square-foot Southridge Mall in Milwaukee are the first in those states for Mills.
The Lightstone Group bought the 675,000-square-foot Dakota Square Mall in Minot, N.D., for about $56 million from a Blackstone/Polaris joint venture. The mall generates about $140 million a year. And Thor Equities paid $180 million for the 1.3 million-square-foot Tri-County Mall in Cincinnati. JC Penney will be empty.
A Blackstone spokesman says the sale of so many malls in a short period is “a coincidence” and shouldn't be taken as a trend. “We saw some good opportunities a few years back, and now we're realizing the results,” the spokesman says. Blackstone will continue to invest in retail “if it's a good deal.”
The Macerich Co. has purchased a 49 percent stake of Kierland Commons in northeast Phoenix from Woodbine Southwest Corp. An entity controlled by Woodbine and the Herberger Family Interests of Phoenix/Scottsdale retains the remaining 51 percent interest. Macerich's Westcor subsidiary, which has 36 shopping centers and 18 million square feet or retail space in Arizona, will manage and lease the mixed-use property's retail and office components.
Boulevard Partners LP, a new limited partnership with Ed Wulfe and Bob Sellingsloh of Wulfe & Co. serving as general partner, has purchased The Pavilion on Post Oak Shopping Center in Houston from Radler Ltd Partnership.
Weingarten Realty Investors paid $43.75 million, or $170 a square foot, for the 250,370-square-foot Flamingo Pines Shopping Center in Pembroke Pines, Fla. The seller was HFJ LLC. CB Richard Ellis arranged the sale. Comprised of three contiguous centers and a Boston Market outparcel, the center includes Publix, CVS, the U.S. Postal Service and Nutrition Smart.
Los Angeles-based Passco Real Estate Enterprises Inc. and its tenant-in-common investor group have completed a $53 million acquisition of Althe Station Phases I and II, a power/entertainment center in metropolitan Kansas City. The previous owner was A.B./Olathe Ltd. Partnership and A.B. Olathe II Ltd. Partnership. Plans include retenanting, exterior upgrades and improvements to the common areas.
Faris Lee Investments brokered the $44 million sale of a portion of Olathe Station in Kansas to Santa Ana-based Passco. The seller was Birmingham, Ala.-based AIG Baker. Financing was arranged by Greenwich Capital.
Gregory Greenfield & Associates Ltd. has acquired the Mall of Abilene, a 682,243-square-foot regional mall in Texas for an undisclosed sum. The Atlanta-based developer has retained Jones Lang LaSalle as management and leasing agent. Greenfield now has 17 malls with over 12 million square feet in the Southwest and Northeast.
L.J. Melody & Co., the real estate banking arm of CB Richard Ellis — in cooperation with Capital Advisors — arranged a $105 million long-term, fixed-rate permanent loan with an 18-month lease-up and earn-out provision, for North Hills, Kane Realty Corp.'s latest development consisting of more than 700,000 square feet of retail and office space in Raleigh, N.C. Kane demolished North Hills to make room for a 130,000-square-foot Target on the lower level and a 400,000-square-foot mixed-use project around the 170,000-square-foot JCPenney on the second floor.
Upland Real Estate Group has formed two new units: Upland Exchange and Upland TIC Sales. Upland Exchange will create separate real estate funds for each tenants-in-common investment and perform all the necessary due diligence and underwriting. Upland TIC sales, formerly Safe Harbor Properties Exchange, will market Upland-sponsored TICs, as well as TIC properties from other sponsors.